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of <h1>Finance Act 2016: 6% Equalisation Levy on Specified Services for Non-Residents Exceeding 1 Lakh Annually</h1> The Finance Act, 2016 mandates that residents conducting business or non-residents with a permanent establishment in India, referred to as assessees, must deduct a 6% equalisation levy on payments for specified services to non-residents. This levy applies if the annual consideration exceeds 1 lakh. The deducted levy must be remitted to the Central Government by the 7th of the following month. Failure to deduct does not exempt the assessee from liability, and payments must be rounded to the nearest 10. Remittances are made through authorized banks using an equalisation levy challan.
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